This paper asks whether the Federal Reserve's unconventional monetary policies (UMP) — specifically quantitative easing (QE) and forward guidance — exacerbated income and welfare inequality in the …
Online FirstReview of Economic StudiesOnline 3 Jun 2026
The paper establishes a causal link from rising top income shares to reduced net job creation at small firms, working through a bank funding channel rooted in non-homothetic household portfolio …